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KL shares open higher on positive momentum Posted: 28 Nov 2012 06:44 PM PST Share prices on Bursa Malaysia opened higher today, maintaining the upward momentum of the market from yesterday, representing a relief rally from an oversold position, a dealer said. At 9.20 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.94 points higher at 1,608.46 after opening at 1,608.52. HwangDBS Vickers Research said the local bourse may show a relatively limited upside ahead, following its technical rebound yesterday, led by telco heavyweights. It said telco giant Axiata's shares would remain in the limelight today as the company is due to announce its latest quarterly results. The Finance Index rose 20.46 points to 14,952.57, the FBM Ace Index inched up 0.02 of a point to 4,190.4 and the FBM Mid 70 Index advanced 35.02 points to 11,998.69. The Industrial Index added 18.2 points to 2,662.04, the FBM Emas Index was 19.97 points higher at 10,963.3 and the FBMT100 gained 16.58 points to 10,806.86. The Plantation Index, however, declined 14.58 points to 7,922.17. Gainers led losers 125 to 76, with 129 counters unchanged and 1,328 others untraded. Volume stood at 85.04 million shares worth RM51.09 million. For the actives, Tiger Synergy added 1.5 sen to 40 sen, Metronic Global gained one sen to 14 sen and Tiger Synergy-WA earned 2.5 sen to 27 sen, while Ariantec Global and iDimension climbed half-a-sen each to 7.5 sen and 13.5 sen respectively. Among heavyweights, Maybank added one sen to RM9.05, CIMB and Axiata gained three sen each to RM7.57 and RM5.90 respectively, while Sime Darby went up seven sen to RM9.07 and Maxis lost 13 sen to RM6.37. -- Bernama

US stocks make solid gains Posted: 28 Nov 2012 03:29 PM PST NEW YORK: US stocks scored solid gains Wednesday, spurred by encouraging remarks by politicians on averting looming tax hikes and spending cuts that could harm the economy. The Dow Jones Industrial Average climbed 106.98 points (0.83 percent) to 12,985.11, snapping two days of losses. The S&P 500-stock index gained 10.99 (0.79 percent) at 1,409.93, while the Nasdaq Composite added 23.99 (0.81 percent) at 2,991.78. Stocks initially opened lower and continued to slide after weaker-than-expected housing data before rebounding sharply over the course of the day. Investors digested reassuring comments by both the Democratic president and a top Republican lawmaker. "Fiscal-cliff chatter fueled the market's roller-coaster session, with optimistic comments from both President Barack Obama and House Speaker John Boehner placating the Street," said Andrea Kramer of Schaeffer's Investment Research. The positive finish also followed the Federal Reserve's Beige Book report showing that US businesses are increasingly concerned about the fiscal cliff impasse. Hewlett-Packard led the Dow higher, gaining almost 3 percent despite a Moody's credit downgrade. Dow member Chevron added 2.1 percent, American Express gained almost 2 percent, Pfizer was up 1.7 percent and Wal-Mart rose 1.5 percent. Discount retailer Costco surged 6.3 percent after announcing a jump in same-store sales in November and plans to issue a special US$7 cash dividend per share on December 18, joining a rash of companies aiming to avoid higher dividend taxes expected to come from US deficit-slashing negotiations. Struggling Knight Capital soared 15.2 percent after high-frequency trader Getco offered to buy it for US$539 million. On the Nasdaq, heavyweight Apple lost 0.3 percent. Groupon jumped 11.6 percent. -- AFP

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White House #My2K Twitter hashtag enters "fiscal cliff" debate - CBS News Posted: 28 Nov 2012 08:46 AM PST President Obama is expected to deliver remarks on preserving middle class tax cuts Wednesday in the face of the approaching "fiscal cliff," but the White House is hoping Americans will chime in, as well, on the micro-blogging service Twitter. Mr. Obama is promoting the hashtag #My2K to continue to the conversation about a potential tax increase on the middle class if Bush-era tax cuts are allowed to expire. The keyword #My2K was chosen specifically because, according to the White House, a middle class family of four could see a tax increase of about $2,220. A hashtag is a keyword or phrase preceded by a pound sign that aggregates similarly tagged posts on social media services, like Twitter or Instagram. The White House is hoping Americans will use the hashtag to weigh in on the tax debate. The ongoing debate is to negotiate a deal to prevent going off the so-called "fiscal cliff" -- a phrase coined to describe the combination of tax hikes and spending cuts that are set to start at the end of the year. Mr. Obama is holding an event with middle-class Americans on Wednesday and urging the public to press Congress to protect tax cuts for families earning $250,000 or less. The president is also meeting with corporate executives at the White House on Wednesday and then traveling to Pennsylvania on Friday to push for upper income bracket earners to pay higher tax rates. It's part of a campaign to pressure Republicans in Congress to support raising taxes on the wealthy. This isn't the first time the White House has used hashtags to spark a conversation on Twitter. Mr. Obama previously asked Americans to use the hashtags #40dollars and #dontdoublemyrate to discuss payroll tax cuts and the student loan interest rate, respectively.

Egypt protests continue in crisis over Mursi powers - Reuters Posted: 28 Nov 2012 07:36 AM PST By Tamim Elyan and Yasmine Saleh CAIRO | Wed Nov 28, 2012 11:33am EST (Reuters) - Hundreds of demonstrators were in Cairo's Tahrir Square for a sixth day on Wednesday to demand that President Mohamed Mursi rescind a decree they say gives him dictatorial powers, and two of Egypt's top courts stopped work in protest. But in a move that one Muslim Brotherhood official said could help resolve the worst crisis of Mursi's five-month presidency, the assembly drawing up a new constitution said it would complete work on a final draft on Wednesday. The official said the final draft could go to a popular referendum by mid-December. If approved it would cancel the constitutional declaration that extended Mursi's powers and sparked street protests that drew tens of thousands on Tuesday. Brotherhood and other Islamists have called for a rally backing the president on Saturday. "We will start now and finish today, God willing," Hossam el-Gheriyani, the constituent assembly speaker, said at the start of a meeting to finalize drafting the constitution. Three assembly members said a vote on the draft by the assembly was planned for Thursday. Many liberals and other opponents of Mursi have walked out of the constituent assembly, which is dominated by Islamists, saying their voices are not being heard. Once drafted, the constitution will go to Mursi for approval, and he must then put it to a popular referendum within 15 days, which could mean the plebiscite would be held by mid-December. The move immediately drew scorn from leading Egyptian opposition figure Amr Moussa, a former Arab League chief. "This is nonsensical and one of the steps that shouldn't be taken, given the background of anger and resentment to the current constitutional assembly," he told Reuters. Adding to the tension, Egypt's Cassation and Appeals courts said they would suspend their work until the constitutional court rules on the decree. The judiciary, largely unreformed since the popular uprising that unseated Mursi's autocratic predecessor Hosni Mubarak, was seen as a major target in the decree issued last Thursday, which extended his powers and put his decisions temporarily beyond legal challenge. The decree also protected the constituent assembly from judicial oversight, fending off court cases that call for it to be dissolved. DEPTH OF ANGER "The president wants to create a new dictatorship," said 38-year-old Mohamed Sayyed Ahmed in Tahrir. He has not had a job for two years and is one of many in the square who are as angry over economic hardship as they are about Mursi's actions. "We want the scrapping of the constitutional declaration and the constituent assembly, so a new one is created representing all the people and not just one section," he said. Showing the depth of distrust of Mursi in parts of the judiciary, a spokesman for the Supreme Constitutional Court, which earlier this year declared void the Islamist-led parliament, said it felt under attack by the president. In a speech on Friday, Mursi praised the judiciary as a whole but referred to corrupt elements he aimed to weed out. "The really sad thing that has pained the members of this court is when the president of the republic joined, in a painful surprise, the campaign of continuous attack on the Constitutional Court," said the spokesman Maher Samy. Senior judges have been negotiating with Mursi about how to restrict his new powers. Mursi's administration insists that his actions were aimed at breaking a political logjam to push Egypt more swiftly towards democracy, an assertion his opponents dismiss. The West worries about turbulence in a nation that has a peace treaty with Israel and is now ruled by Islamists they long kept at arms length. The United States, a big donor to Egypt's military, has called for "peaceful democratic dialogue". Two people have been killed in violence since the decree, while low-level clashes between protesters and police have gone on for days near Tahrir. Violence has flared in other cities. Trying to ease tensions with judges, Mursi said elements of his decree giving his decisions immunity applied only to matters of "sovereign" importance, a compromise suggested by the judges. That should limit it to issues such as declaring war, but experts said there was much room for interpretation. The judges themselves are divided, and the broader judiciary has yet to back the compromise. Some have gone on strike over the decree. A constitution must be in place before a new parliament can be elected, and until that time Mursi holds both executive and legislative powers. An election could take place in early 2013. One presidential source said Mursi wanted to re-make the Supreme Constitutional Court after it declared the parliament void, which led to its dissolution by the then ruling military. Both Islamists and their opponents broadly agree that the judiciary needs reform, but Mursi's rivals oppose his methods. (Additional reporting by Tom Perry and Marwa Awad; Writing by Edmund Blair; Editing by Will Waterman)

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